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minority leader mitch mcconnell even called the vice president, joe biden, to get involved and help in the negotiations. they are hopeful that they will get a deal later today, but even with a deal, the fight isn't going to be over for long. republican will likely push for those reforms that they've given up on this time around in the new year when the debt limit debate kicks off. reporting live in washington, back to you. >> thank you very much. we appreciate it. >>> for his part, president obama has been trying to turn up the heat on congress, applying new pressure sunday in an interview with david gregory on "meet the press." nbc news white house correspondent kristin welker has details. >> reporter: on "meet the press," president obama continued his public campaign to pressure congress. >> if congress doesn't act, then everybody's taxes go up. and for the average family, that could mean a loss of $2,000 in income, and the whole economy could slow down at a time when the economy's actually starting to pick up. >> reporter: he again called on lawmakers to strike a deal or hold a vote
minority leader mitch mcconnell even called the vice president, joe biden, to get involved and help in the negotiations. they are hopeful that they will get a deal later today, but even with a deal, the fight isn't going to be over for long. republican will likely push for those reforms that they've given up on this time around in the new year when the debt limit debate kicks off. reporting live in washington, back to you. >> thank you very much. we appreciate it. >>> for his...
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talks hit a standstill yesterday after senate republican leader mitch mcconnell proposed social security cuts. democrats rejected the plan. aides say there has been what they call constructive movement on key issues like taxes, including a compromise on where to set higher rates for whether americans -- for wealthier americans and avoiding a jump in inheritance taxes. meantime, vice president joe biden is taking over at lead negotiator for democrats. >> time left to reach an agreement and we intend to continue negotiations. >> i want everybody to know i'm willing to get this done but i need a dance partner. >> if a deal is not reached by midnight, taxes go up for nine out of ten americans and 2 million people without jobs will not get unemployment insurance starting tomorrow. >>> sharp cuts in defense spending and domestic programs will kick in on january 2nd. >>> if nothing else, it looks like there will be a deal to keep the price of milk from skyrocketing. leaders in both parties have agreed to a one-year extension of the 2008 farm bill that expired in october. the deal will avert a s
talks hit a standstill yesterday after senate republican leader mitch mcconnell proposed social security cuts. democrats rejected the plan. aides say there has been what they call constructive movement on key issues like taxes, including a compromise on where to set higher rates for whether americans -- for wealthier americans and avoiding a jump in inheritance taxes. meantime, vice president joe biden is taking over at lead negotiator for democrats. >> time left to reach an agreement and...
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mcconnell. steve handelsman explains why some lawmakers might prefer to go over the cliff. >> reporter: the night before the fiscal cliff. >> the senate stands in recess. >> reporter: the senate gave until tomorrow. >> there still time left to reach an agreement. >> reporter: house lawmakers headed home, dropping a command to cut social security and hope the senate sends them a deal with minimal tax hikes on the rich. >> i'm still optimistic that we can get this averted before the final hour here tomorrow. >> reporter: when the clock strikes 2013, taxes go up on most americans. huge defense cuts kick in, which some republicans claim barack obama favors. >> it's obvious the president wants us to go over the fiscal cliff. >> reporter: on "meet the press," president obama blamed republicans. >> they say their biggest priority is dealing with the deficit, but the way they're behaving is their only priority is making sure taxes don't go up on the rich. >> reporter: the senate minority leader says --
mcconnell. steve handelsman explains why some lawmakers might prefer to go over the cliff. >> reporter: the night before the fiscal cliff. >> the senate stands in recess. >> reporter: the senate gave until tomorrow. >> there still time left to reach an agreement. >> reporter: house lawmakers headed home, dropping a command to cut social security and hope the senate sends them a deal with minimal tax hikes on the rich. >> i'm still optimistic that we can get...
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you think about joe biden and mitch mcconnell, mitch mcconnell is totally looking at this through a political lens, what is in the best interest of republicans in his view? from what i understand in his view he thinks what's in the best interest of the republican party is getting the tax issue off the table and then having a big knockdown, drag-down fight with the president in six weeks over the debt ceiling. under that scenario, that would tell me, okay, he's likely to want to make a deal. when you look at the actions that republicans threw out that idea of throwing in the social security change and suddenly democrats balked -- and he pulled it from the table. mitch mcconnell wants to make the deal, get the tax issue off the table simply because he thinks having more leverage -- if you leave taxes there, it gives the white house and democrats more leverage in the debt ceiling. even if they get a deal today we have a big fight in the next six weeks. >> if there is a deal today can it about get passed in time to avoid the fiscal cliff? >> i'm not optimistic that it can get through the house. i
you think about joe biden and mitch mcconnell, mitch mcconnell is totally looking at this through a political lens, what is in the best interest of republicans in his view? from what i understand in his view he thinks what's in the best interest of the republican party is getting the tax issue off the table and then having a big knockdown, drag-down fight with the president in six weeks over the debt ceiling. under that scenario, that would tell me, okay, he's likely to want to make a deal....
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now, that's why they've brought in vice president biden, mitch mcconnell, the senate republican leader, to try to close this thing. and they may close a deal, but there's no guarantee that even any deal they come to an agreement with tonight will actually make it tomorrow. >> and chuck, this congress has, you were telling us, the lowest approval rating ever, the least productive. in terms of bills past. what happens when the next congress comes in later this week? >> reporter: well, the bad news is, if you view this as bad news, more of the same. because even if they get this temporary deal on taxes, temporarily buy down the automatic spending cuts, what they have set up is a series of mini fiscal cliffs, if you will, kate. so every three to six weeks, over the next six months, we could be going through nights like this where we're up against the clock and congress has to act and the president -- they have to figure out how to compromise or watch automatic headaches kick in. >> chuck todd is going -- it's going to be a long night. thanks for being with us on wall street today, this fin
now, that's why they've brought in vice president biden, mitch mcconnell, the senate republican leader, to try to close this thing. and they may close a deal, but there's no guarantee that even any deal they come to an agreement with tonight will actually make it tomorrow. >> and chuck, this congress has, you were telling us, the lowest approval rating ever, the least productive. in terms of bills past. what happens when the next congress comes in later this week? >> reporter: well,...
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. >> reporter: senate republican lead egg mitch mcconnell made the tax deal with vice president joe biden. >> let's pass the tax relief portion now. >> reporter: a hang upis automatic defense and other spending cuts that kick in at midnight. democrats want a two-year postponementment. the cost covered by the new tax hikes. the president scoffed at republican demands for deeper spending cuts. >> shove only spending cuts down, you know -- well, shove spending -- shove spending cuts at us. >> reporter: so much for winning gop allies. >> laughs and jokes and ridicules republicans. why? >> reporter: another question -- will speaker john boehner permit a house vote to hike taxes? if most of his reps will vote no. whatever happens before midnight or doesn't happen. this partisan war on taxes and spending is sure to continue into 2013. i'm steve handelsman, news4, capitol hill. >>> many investors are known for their averse to uncertainty. wall street is closely watching developments on capitol hill. brian sullivan is the coanchor of "streets signs" on cnbc and he's joining us with the latest. hi,
. >> reporter: senate republican lead egg mitch mcconnell made the tax deal with vice president joe biden. >> let's pass the tax relief portion now. >> reporter: a hang upis automatic defense and other spending cuts that kick in at midnight. democrats want a two-year postponementment. the cost covered by the new tax hikes. the president scoffed at republican demands for deeper spending cuts. >> shove only spending cuts down, you know -- well, shove spending -- shove...
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senate minority leader mitch mcconnell and joe biden kept in place to avoid $200 billion in tax increases. broad stroke spending cuts and domestic and defense spending. they would take effect gradually over a period beginning at midnight if the white house and congress can't reconcile their differences. it appeared to have been movement on the cost of living increases for social security recipients. opposition to the white house's proposed rate of increase was dropped but the common ground is even shaky. the fierce disagreement over whether the bush era tax cut with the top income earners should be allowed to expire while middle income earners would see tax relief. the sticking point is over where the income line should be separating those who should continue to see the tax cuts from those who would see them go away. it's about slowing spending and deficit reduction. >> make no mistake. there will be real damage. we'll be squeezing people who deserve better. we'll scramble to find budget reductions in a way that sense. sometime in hours, days, weeks ahead. we will get a semi-balanced smal
senate minority leader mitch mcconnell and joe biden kept in place to avoid $200 billion in tax increases. broad stroke spending cuts and domestic and defense spending. they would take effect gradually over a period beginning at midnight if the white house and congress can't reconcile their differences. it appeared to have been movement on the cost of living increases for social security recipients. opposition to the white house's proposed rate of increase was dropped but the common ground is...
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talks hit a standstill yesterday after senate republican leader mitch mcconnell o proposed social security cut. democrats rejected the plan. aides say lawmakers reached a compromise on key issues like taxes for wealthier americans. meantime, vice president joe biden has taken over as lead sn negotiator for the democrats. if a deal is not reached by midnight, 2 million people without jobs will not get unemployment insurance starting tomorrow. sharp cuts in defense spending will begin to kick in on january 2nd. >>> if nothing else, it looks like there will be a deal to keep the price of milk from skyrocketing the leaders in both parties agreed to a one year extension to the 2008 farm bill that x pierd in october. the deal will avert a spike in milk prices to as much as $8 a gallon. the plan has to be put to a vote in the house and senate sometime today. >>> today hundreds of thousands of revelers will bring in the new year in the big apple. the eyes of the world focus on the celebration happening today in times square. organizers have been planning all year for the ball drop. nbc's wendy gil
talks hit a standstill yesterday after senate republican leader mitch mcconnell o proposed social security cut. democrats rejected the plan. aides say lawmakers reached a compromise on key issues like taxes for wealthier americans. meantime, vice president joe biden has taken over as lead sn negotiator for the democrats. if a deal is not reached by midnight, 2 million people without jobs will not get unemployment insurance starting tomorrow. sharp cuts in defense spending will begin to kick in...
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which will -- it will be interesting to see if that's how the republican leader, mitch mcconnell, who is the key here, does he sign off on a deal. if he signs off on a deal, something will happen. does he read that and say, boy, we need to take this tax issue off the table. he is a big believer of this. give the president his tax hike on the rich now. fight him on everything else when taxes aren't part of the conversation. fight him on everything else in six weeks when the debt ceiling is hit or eight weeks, 12 weeks, whenever that fight happens, and do that. i do think that mcconnell -- that's where he wants to be. can he get there in the next 24 hours? that's what we don't know. >> tom brokaw? >> well, it seems to me that the middle class is going to have a date for the prom. everybody is talking about protecting the middle class here. so i think this deal will probably get done around the middle class tax cut. it's at what level. $400,000 or $250,000 or some other number. which is going to be critically important. a lot of people don't realize in a large urban and suburban areas of
which will -- it will be interesting to see if that's how the republican leader, mitch mcconnell, who is the key here, does he sign off on a deal. if he signs off on a deal, something will happen. does he read that and say, boy, we need to take this tax issue off the table. he is a big believer of this. give the president his tax hike on the rich now. fight him on everything else when taxes aren't part of the conversation. fight him on everything else in six weeks when the debt ceiling is hit...